The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1887-06-25

MT. Bailey was seen In his ofiice short
time after the announcement OF the secre-
tary and to inquiries stated that It wouic
take several days 10 tell where the hrm
stood; the drop had boon an over
whelming surprise 10 them and they
were unable 10 meet II. From Other
sources 1t was learned that theii
failure was precipitated by an un.
usually large amount OF outside deals
which were open and could not be settled
quickly enough to meet margin calls. The
firm is thought TO have started into the
deal with capital OF about $8O, 600, and
was in good standing on the floor, this be
| ing their first embarrassment of any kind
so far as known.
On the street the prevailing topic was
the sudden drop and probable routing OF
the wheat clique. Excited crowds were
to be met on every corner, and along the
Railways Of the Office buildings in the vi
cinity Of the board every body talked
wheat. Nobody seemed to be in banter.
ing mood, but talked seriously OF the
probable outcome Of the uncertain
market. Execrations by the score were
sounded and reiterated against the clique.
The sensational collapse did not squeeze
the local banks, and in fact had no SERIOUS
effect whatever on them. The banks have
been very conservative for some time
past in dealings relating to the fever OF
speculation and over-confidence that
has been prevalent in all kinds OF
business during the last two months,
and prominent bankers say that the local
money market Is in first class condition
that the slight tightness that has
existed during the life of the wheat clique
was dissipated by the break yesterday, and
that now large amount of money that
was tied up in wheat will be in circulation
again. Well-known fnanciers say that the
| failures yesterday will be warning to the
business men and spectators of the West,
| and that the effect will Undue numbers of
| men with cautiousness and conservatism
| OF which they were much in need.
The officials of the east-bound roads
from Chicago were all in good spirits yes
terday over the collapse of the wheat cor
ner, expressing the opinion that it would
let loose large amount of wheat for stor.
age-more than the lake vessels could ac-
commodate-and that the railroads would
get portion OF the overflow. One road
was hurt by the panic, as negotiations
were under way with it to move out 8, 600
carloads to New York at reduction of
five cents hundred from the tariff rate,
but the break interfered, and yesterday
the negotiations were declared of.
IN CINCINNATI.
CINCINNATI, June 15.-The very general
impression that Cincinnati furnished q
large part OF the clique which has been
charged with managing the Chicago wheat
deal turned attention in this direction yes
terday when the panic in wheat in Chicago
developed. Mr.. J. w. Wiltshire who has
been publicly named as one of the mys.
terious members, fatty declared, when
asked for information as to the cause Of
the trouble, that he knew nothing about
It Others who were suspected Of being
in the deal were equally reserved. One
OF the leading men Of the supposed CLIQUE
said he did not believe Cincinnati men
were in 1t at all, and that it was made up
Of operators in California and Cleveland.
Whatever the truth may be there is no
sign Of any suffering here.
A prominent broker, being asked his
opinion of the truth of the charges made
by Rosenfeld & Co. that the Cincinnati
members Of the clique had failed to fur
nish money to-day, said it was more likely
that the market was broken in Chicago by
lying about Cincinnati banks. "Why,"
said he, 'there were fifty or more
kilograms received on change to-day
saying Wheat weak owing to re-
port OF run on Fidelity Bank or
Wheat weak, account rumors weakness
S'AASA"A~SA Sohhos AhC VAuc1AUy 0Auk
has received from number of correspond
ents an anonymous printed circular in.
tended to injure the banks standing. They
were mailed from this city June 10, II and
IL, and seem to have been the origin of the
The officers Of the Fidelity Bank
are making rigid search for the author of
this circular. Instead OF any thing in the
likeness OF q run the bank was busy receiy-
ing deposits r
IN MILWAUKEE.
MILWAUKEE. Wis, June 15-Excitement
on the Board of Trade was intense yester.
day. The clicking of the telegraph keys
was incessant and messages from Chicago
followed each other thick and fast The
failure Of the clique houses and the report
ed run on the Fidelity Bank at Cincinnati
added to the excitement At noon Hill,
Il Co., the Milwaukee house Of |
J. Kershaw & Co., Of Chicago, threw
up the sponge and confessed an inability
10 pay go, 600 on margins to Frank Viii |
son. 1t was also understood that another |
Of Kershaw's Milwaukee brokers had ZOO. |
NO bushels on his account margned at |
" cents, loss OF nearly $40, ,0OJ more, |
Hooker, Crittenden & Co. were also |
brokers' for Kershaw, and it was feared |
hat they could not survive. g. T. Hooker /
laid he thought he would be all right but |
was not able to say then; in fact, the solv- |
'ncy of the three houses men ntioned depend
lpon Kershaw & Co. On the afternoon
board 1t was reported that Joseph Wilde, a
'roker, had thrown up the sponge. The
genes recall to old-time brokers the ex.
element Of 1877 and the days of super.
lOllar wheat
When the first dispatches were received
rom Chicago showing that alarm was
prevailing there and panic in prices
lbout to prevail brokers here became in.
ensely nervous, and began to offer hold
ngs without number, but takers could not
DC found. The July option was the one
lealt In here most and it broke rapidly fol.
owed by the others, Brokers who had
ieals had to stand by and shoulder losses
because no one would have the stuff at
my price, while brokers fairly crawled
'ver each other to get to the pit to offer
heir wheat. July wheat sold of from
OEc to 73llc.
IN NEW YORK. .e,.t..
NEW York, June 15.-The wheat market
,roke badly upon receipt of the news Of
he decline at Chicago, and great excite.
nent followed. Reported heavy receipts
It the West and the report that the
clique was broken depressed tho market,
'arly months being weakest. At one d.
H., after the report Of the failure of q big
'ull house in Chicago, the excitement was
intense. Wheat continued nervous, the
extreme decline being ~ cents on July.
'une comes next with break of 3 cents,
md ON later months an irregular decline
II l to ~ cents. The option dealt ings
cached nearly 80,O00,OOO bushels, the
argest ever recorded. Corn sympathized
With wheat, and spots were n cent and